- GBP/USD moving towards key level
Since yesterday, GBP/USD moved up by around 140pips.
Recently, GBP/USD is trending upwards.
This morning, the U.S. FOMC kept the target range for interest rate unchanged at 2.25% to 2.5%.
In the FOMC Statement, the Committee finds that nearing 2% is still a likely outcome, although they also mention that “uncertainties about this outlook have increased”.
From the FOMC Economic Projections, the does not expect any rate cuts in 2019 as the central bank’s median target for the interest rate remains at 2.4% for 2019, unchanged from its March projection.
However, the June’s projections projected a lower median target of 2.1% for 2020, hinting at possible rate cut(s) in 2020.
Yesterday, GBP/USD broke the of 1.26000.
Currently, it is moving towards the 1.27 key level.
Current Price: 1.26938
Next Resistance: 1.27400
Next Support: 1.26000